MARTIN O'Neill today insisted there is "no need to panic" in the transfer market as he bids to open Randy Lerner's cheque book to end the worst run of results in 20 years.

There is speculation that Polish international striker Radoslaw Matusiak could be on his way to Villa Park with reports in his homeland suggesting the 25-year-old has clinched a #2.3million switch from GKS Belchatow.

A meeting took place last week to decide his future with club president Jerzy Ozog saying he was being sold to England.

Matusiak has scored nine goals this season and scored against Serbia and in Brussels against Belgium to keep Poland's Euro 2008 dreams alive.

Rangers' Chris Burke has also been linked to Villa. The 23-year-old is out of contract in the summer.

O'Neill insists he is not having to work down his list of targets but will not be paying way over the odds. "I’m not panicking by any stretch of the imagination, but like anything else you don’t want to be held to ransom,'' he said.

“But, by the same token, people must remember, we do need help.

“I don’t think we’re at a stage where we’re working down the list. Initially it may have started out that way.

“But what we’re trying to find is quality players who would find the challenge exciting, not just now but in the next couple of seasons.

“And if they are quality players, it’s getting clubs to let them go and that isn’t easy."

Villa have not won in 11 league matches, gaining five draws.

Despite bad luck at Sheffield United and Charlton – and particularly at home to Bolton – the club have not registered such a long wait for a league win since March 1987.

Then they beat Coventry City through a Paul Birch goal having gone 12 league games without a win after defeating Charlton on Boxing Day 1986.

“I’m not making any excuses, but I said that this was coming back in October, November time,'' said O'Neill.

"The most important issue is we’re well aware we need help.

“I’m hoping we can bring in somebody but you’re never sure until someone signs, so there’s no point in me saying 'we’re doing this, this and this' if one thing doesn’t materialise for one reason or another.

“It can only take a small reason – it might take a big reason – but at the end of it all we need some people in."

Peter Whittingham, Eric Djemba-Djemba and Gabor Kiraly all left the club last week.

“It sounds crazy to be letting players go when we’ve got the smallest squad in the Premiership,'' said O'Neill.